Fast moving property markets can give you the opportunity to earn a lot of cash within a small space of time. Within this article, we’ll be telling you more about the best ways to earn money in these lucrative markets.
Long Term Letting
Signing a new tenant into a long term lease can be a major money spinner over the course of a year. You have a guaranteed tenant in there, or at the very least a fee to break the lease earlier. This can be a load off your mind, as you know there won’t be any latency periods during that time.
Getting the right tenant in for a long term lease is key, as you want someone that will take care of your property. Make sure that you inspect it on a regular basis and encourage your tenant to let you know if there are any issues. You don’t want large scale repairs to eat into your profits at the end of the lease.
You can use a letting agent to handle this process, though this can be expensive. They will take a percentage of the rent each month, so consider if there’s a way that you can undertake these tasks instead.
Short Term Letting
If you want to let out the property for short term holiday lets then you can get more money for doing so. However, there is some more hassle involved as you should greet and meet each of your tenants. Working on a platform like AirBNB gives you protection should your guests not turn up or damage something in your home.
There are increased cleaning costs if you want to provide this kind of tenancy. Using a Professional Cleaners London based will ensure that the properties are clean and ready for new tenants. You can clean up before guests also, but a professional finish can make them feel more at home.
For a longer term goal, you can also get into the world of property development. Taking cheaper properties and improving them can mean that you make a large profit. This kind of investment isn’t without risk though, as the property market can turn at any time. With the volatility of the property market, you have to ensure that you have a buffer should things take a turn for the worst.
Creating a network of traders that you can trust will help make this process smoother. If you have a lot of projects on at once, then you may even be able to get a discount based on the other properties that you want to work with them on. Then, once you have the right tradesmen in your phone book, you can call them up any time you need help on a project. This saves a massive amount of time, money and hassle.
In markets like London and Edinburgh, the fast moving face of property presents a lot of opportunities. Get started with one of these ways to make money to try your luck.